AgdaPkt 2016-01-11 Closed and Joint SA PFA

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6.1.E. - Page 93 , Notes to the Basic Financial Statements For the year ended June 30, 2015 NOTE 9—EMPLOYEE BENEFITS(CONTINUED) $16,467,117 reported as deferred outflows of resources related to contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expenses as follows: Measurement Period Ended June 30: 2016 (7,303,662) 2017 (7,303,662) 2018 (7,303,662) 2019 (7,303,661) 2020 Thereafter B. Post Employment Benefits Redwood City: The City administers a single-employer defined benefit post employment healthcare plan. Permanent employees who retire under the City's retirement plan are, pursuant to their respective collective bargaining agreements, eligible to have their medical insurance premiums reimbursed by the City up to the Kaiser family premium rate. Medical insurance premiums for spouses and other dependents generally are not paid by the City. In the case of public safety disability retirement, the City provides medical insurance for dependents. Currently there are 375 retirees receiving this benefit. The City is not required by law or contractual agreement to provide funding for retiree health costs other than the pay-as-you-go amount necessary to provide current benefits to retirees. The City's retiree health plan is being managed through the California Employer's Retiree Benefits Trust (CERBT), an irrevocable trust fund that allows public employers to prefund the future cost of their retiree health insurance benefits and other post employment benefits for their covered employees or retirees. The CERBT's administrator, CaIPERS, issues a publicly available financial report consisting of financial statements and required supplementary information for CERBT in aggregate. The report may be obtained by writing to CaIPERS, Lincoln Plaza North, 400 Q Street, Sacramento, CA 95811. During FY 2014-15, the City contributed $5,037,000, or 100%, of the actuarially required contributions to the retiree health plan. Total current payroll for all covered employees for the fiscal year ended June 30, 2015 was $51,466,341. The City's annual other post employment benefit (OPEB) cost (expense) is calculated based on the annual required contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters of GASB Statement 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. 64